BARNEY FLETCHER EXAM QUESTIONS,
COMPLETE STUDY GUIDE, PRACTICE
QUESTIONS WITH CORRECT ANSWERS, AND
LATEST REAL ESTATE EXAM PREPARATION
MATERIAL 2026/2027 LATEST
What can the VA require a veteran do when applying for a loan?
A. make the down payment directly to the VA
B. make a down payment in cash
C. make the veteran immediately assume liability for the VA guaranty amount
D. NOT allow the veteran to make prepayments on the principal amount -
CORRECT
ANSWER>>>>C. make the veteran immediately assume liability for the VA
guaranty amount
Which of the following ways of advertising would be allowed under the Federal
Truth In Lending Laws (Regulation Z)?
A. $10,000 assumable loan in a working man's neighborhood
B. shady acres - $10,000 down
C. shady acres - guaranteed to double in value in 5 years
D. shady acres - payments less than rent - CORRECT ANSWER>>>>D. shady
acres - payments less than rent
Page 1 of 16
,A son and daughter in law wanted to buy their parents house and assume the
mortgage. The son and daughter in law had just gone through bankruptcy. Which
of the following clauses in a mortgage would prevent this sale and assumption
from taking place?
A. acceleration clause
B. alienation clause
C. subordination clause
D. defeasance clause - CORRECT ANSWER>>>>B. alienation clause
Which non governmental organization has its greatest investment in first
mortgages on single family residences?
A. insurance companies
B. commercial banks
C. savings and loans
D. federal housing administration - CORRECT ANSWER>>>>C. savings and
loans
Which of the following loans gives a borrower the lowest monthly payment?
A. 8% interest, 20 year term
B. 8% interest, 25 year term
C. 9% interest, 20 year term
D. 9% interest, 25 year term - CORRECT ANSWER>>>>B. 8% interest, 25 year
term
Page 2 of 16
, In doing a market analysis, you find a recently sold property where the owners
had just gone through a divorce. It was listed for $60,000 for 3 months but sold
for $40,000. Would you use this as a comparable?
A. no, because it had only been listed for 3 months
B. no, because of the divorce, it was not an arms length agreement
C. yes, you would use the actual sales price of $40,000
D. yes, because it was a comparable type property - CORRECT ANSWER>>>>B.
no, because of the divorce, it was not an arms length agreement
A property was worth $289,000 if capitalized at 4%. What is it worth if it
capitalized at 5%?
A. $185,000
B. $231,200
C. $300,000
D. $325,000 - CORRECT ANSWER>>>>B. $231,200
$ 289,000 x 4% = $11,560 divided by 5% = $231,200
An heirloom chandelier in a house would be considered:
A. chattel
B. personal property
C. a fixture
D. a trade fixture - CORRECT ANSWER>>>>C. a fixture
An owner of a life estate died and the land passed to the remainderman. What
interest would the remainderman receive?
Page 3 of 16
COMPLETE STUDY GUIDE, PRACTICE
QUESTIONS WITH CORRECT ANSWERS, AND
LATEST REAL ESTATE EXAM PREPARATION
MATERIAL 2026/2027 LATEST
What can the VA require a veteran do when applying for a loan?
A. make the down payment directly to the VA
B. make a down payment in cash
C. make the veteran immediately assume liability for the VA guaranty amount
D. NOT allow the veteran to make prepayments on the principal amount -
CORRECT
ANSWER>>>>C. make the veteran immediately assume liability for the VA
guaranty amount
Which of the following ways of advertising would be allowed under the Federal
Truth In Lending Laws (Regulation Z)?
A. $10,000 assumable loan in a working man's neighborhood
B. shady acres - $10,000 down
C. shady acres - guaranteed to double in value in 5 years
D. shady acres - payments less than rent - CORRECT ANSWER>>>>D. shady
acres - payments less than rent
Page 1 of 16
,A son and daughter in law wanted to buy their parents house and assume the
mortgage. The son and daughter in law had just gone through bankruptcy. Which
of the following clauses in a mortgage would prevent this sale and assumption
from taking place?
A. acceleration clause
B. alienation clause
C. subordination clause
D. defeasance clause - CORRECT ANSWER>>>>B. alienation clause
Which non governmental organization has its greatest investment in first
mortgages on single family residences?
A. insurance companies
B. commercial banks
C. savings and loans
D. federal housing administration - CORRECT ANSWER>>>>C. savings and
loans
Which of the following loans gives a borrower the lowest monthly payment?
A. 8% interest, 20 year term
B. 8% interest, 25 year term
C. 9% interest, 20 year term
D. 9% interest, 25 year term - CORRECT ANSWER>>>>B. 8% interest, 25 year
term
Page 2 of 16
, In doing a market analysis, you find a recently sold property where the owners
had just gone through a divorce. It was listed for $60,000 for 3 months but sold
for $40,000. Would you use this as a comparable?
A. no, because it had only been listed for 3 months
B. no, because of the divorce, it was not an arms length agreement
C. yes, you would use the actual sales price of $40,000
D. yes, because it was a comparable type property - CORRECT ANSWER>>>>B.
no, because of the divorce, it was not an arms length agreement
A property was worth $289,000 if capitalized at 4%. What is it worth if it
capitalized at 5%?
A. $185,000
B. $231,200
C. $300,000
D. $325,000 - CORRECT ANSWER>>>>B. $231,200
$ 289,000 x 4% = $11,560 divided by 5% = $231,200
An heirloom chandelier in a house would be considered:
A. chattel
B. personal property
C. a fixture
D. a trade fixture - CORRECT ANSWER>>>>C. a fixture
An owner of a life estate died and the land passed to the remainderman. What
interest would the remainderman receive?
Page 3 of 16
